Applied Materials Inc. (NASDAQ: AMAT) reported net income in the third fiscal quarter of $2.54 billion ($3.17 per share) compared with $1.78 billion ($2,22 per share) a year earlier. Operating profit was $3.50 per share. Revenue for the reporting period rose to $9.12 billion from $7.30 billion. Earnings were expected at $3.40 per share on revenue of $8.99 billion.
Applied Materials forecast fourth-quarter revenue above Wall Street expectations, believing that steady demand for advanced chips for artificial intelligence will continue to drive significant investment in semiconductor manufacturing equipment. The company expects quarterly revenue of about $10.25 billion, plus or minus $500 million, compared with the average analyst estimate of $9.54 billion.